Homeowners insurance can protect you from serious financial losses if your house gets damaged or if someone gets hurt on your property. Insurers offer several types of coverage. When you understand your options, you’ll be able to find a homeowners insurance policy that fits your needs and budget.
Homeowners Insurance Only Covers Damage Caused by Some Perils
A homeowners insurance policy will pay to repair or rebuild your house and replace personal belongings that are damaged or destroyed by a covered peril. If you can’t live in your house while it’s being repaired, your homeowners insurance policy will cover your additional living expenses.
Some policies only cover claims related to a specific list of causes, while others pay for damage caused by anything that isn’t specifically excluded. Homeowners insurance generally covers damage related to things like fires and storms and excludes claims related to flooding, earthquakes, and neglected maintenance. You might be able to purchase an endorsement or a separate policy that covers one or more perils that a standard policy doesn’t cover.
Homeowners Insurance Will Pay If a Guest Gets Injured at Your House
If an injury occurs on your property, the liability portion of your policy will pay for medical bills and legal fees if you get sued. It’s important to note that your homeowners insurance will pay if a guest gets hurt at your house, but it won’t pay the bills if someone who lives at your home gets injured.
You Can Select the Types and Amounts of Coverage That Work for You
Insurance companies let homeowners choose replacement cost coverage or actual cash value coverage. If you have a replacement cost policy and your belongings get damaged or destroyed by a covered peril, you’ll receive enough money to replace them with identical or comparable items. If you have an actual cash value policy, you’ll receive an amount that accounts for depreciation. Replacement cost coverage will cost you more in premiums, but you’ll get a larger payout if you file a claim.
You can choose an amount of coverage that makes sense based on the value of your belongings. Policies typically place caps on coverage for certain types of items, such as jewelry. If you have valuable possessions, you can take out an endorsement that provides additional coverage for those specific items.
You Can Select Your Deductible
You’ll have to pay a deductible before your insurance coverage kicks in. A policy with a higher deductible will have lower premiums, but you’ll pay more out of pocket if you file a claim. Homeowners insurance policies often have different deductibles for various types of claims.
Get Help Finding the Right Homeowners Insurance Policy
Homeowners insurance companies offer a range of coverage options. A member of the team at Petruzelo Insurance can discuss your circumstances and goals and help you select a policy that fits your needs and has affordable premiums. Contact us today to learn more.